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GBP/USD – Uncharted Area

GBP/USD has broken key support at 1.2789. There is no real support below 1.2775. Resistance is located at 1.2873 (03/10/2016). Expected to show continued downside pressures.

The long-term technical pattern is even more negative since the Brexit vote has paved the way for further decline. Long-term support given at 1.0520 (01/03/85) represents a decent target. Long-term resistance is given at 1.5018 (24/06/2015) and would indicate a long-term reversal in the negative trend. Yet, it is very unlikely at the moment.

Daily Technical Report

 

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